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Head of the Research Team
Univ.-Prof. Dr. Marc Steffen Rapp
T: 06421-28-22019
E: rappm@wiwi.uni-marburg.de
A: Am Plan 1, 35032 Marburg
Office Hours: Appointment by email
Full Professor of Business and head of the Management Accounting Research Group at Philipps-Universität Marburg since 2011.
Professor Rapp's main research interest is the interaction and interplay of corporate valuation, corporate strategy, corporate financing, capital allocation, reporting, and corporate control. He is a well-known expert in the area of empirical capital market and corporate governance research. He has delivered research reports for the German ministry of economic affairs (BMWi), the European Trade Union Institute (ETUI), the Thyssen Foundation, the Hans-Böckler-Foundation, the Alternative Investment Management Association, the Copenhagen Business School, and the Leipzig Graduate School of Management, to name but a few.
Professor Rapp is a Scientific Co-Director of the Marburg Center for Institutional Economics (MACIE) and an academic sponsor of the Finanzclub Marburg e.V. In 2019-2020 he was serving as the Dean of the School of Business and Economics at the Philipps-Universität Marburg. He is a member of the Leibniz-Instituts für Finanzmarktforschung SAFE, affiliated with the Center for Corporate Governance at Copenhagen Business School, serves on the editorial board of Corporate Finance, and is the chairman of the working group „Medium-sized businesses” of the Schmalenbach-Gesellschaft für Betriebswirtschaft e.V. Previously, he was a member of the editorial board of the Review of Managerial Science, and a member of the expert advisory committee of WiWo – Best of Consulting. From 2010-2021, he was an academic co-director of the Center for Corporate Governance at Leipzig Graduate School of Management.
Faculty Duties & Affiliations
- MACIE (scientific co-director, since 2016)
- Academic sponsor of Finanzclub Marburg e.V. (since 2016)
- Dean of the faculty (2019-2020)
- Vice dean of the faculty (2017-2019)Research Interests
- Capital allocation and firm transformation
- Capital markets, sustainable finance, and ESG issues
- Corporate governance, boards, and family firmsCurrent Research Projects
- The impact of board-level employee representation on firm behavior
- Understanding family firm behavior
- Understanding implications of shareholder-value oriented management and control systems
- Understanding investor behavior and implications for firms and society at large
- Financial system, central banks, and economic outcomesMost Recent and Forthcoming Academic Presentations
- BFFI – ECGI Conference “The Role of Family Firms in Long-Term Sustainability”
“Better Safe Than Sorry – Labor Market Regulation and Cash Holdings of Founding Family Firms”
Vilnius, Lithuania, June 2024
- 46th Annual Congress of the European Accounting Association
“Value-based management control systems and capital structure choice”
Bucharest, Romania, May 2024
- World Finance & Banking Symposium 2023
“Improving Bargaining Power or Putting Safety First? Ownership Structure and the Effect of Labor Market Regulation on Leverage”
Vilnius, Lithuania, December 2023Key Publications
- Mavropulo, O., M.S. Rapp, and I.A. Udoieva (2021). “Value-based management control systems and the dynamics of working capital: Empirical evidence”, Management Accounting Research, Vol. 52 (September 2021).
- Rapp M.S, and M. Sperling (2021). "Der Deutsche Corporate Governance Kodex als standardisierte Form der Corporate-GovernanceBerichterstattung in der Finanzkommunikation", Handbuch Investor Relations und Finanzkommunikation, edited by C. P. Hoffmann et al., Springer Fachmedien (Germany).
- Bessler W., J. Beyenbach, O., M.S. Rapp, and M. Vendrasco (2021). “The global financial crisis and stock market migrations: An analysis of family and non-family firms in Germany”, International Review of Financial Analysis, Vol. 74 (January 2021).
- Hayo, B., K. Henseler, and M.S. Rapp (2019). “Estimating the monetary policy interest-rate-to-performance sensitivity of the European banking sector at the zero lower bound”, Finance Research Letters, Vol. 31 (December 2019).
- Gregoric, A. and M.S. Rapp (2019). “Employee board representation and firms’ responses to crisis”, Industrial Relations, Vol. 58 (July 2019), pp. 376-422.
- Henseler, K. and M.S. Rapp (2018). “Stock market effects of ECB’s Asset Purchase Programmes: Firm-level evidence”, Economics Letters, Vol. 169 (August 2018), pp. 7-10.
- Rapp, M.S. and I.A. Udoieva (2017). “What Matters in the Finance-Growth Nexus of Advanced Economies? Evidence from OECD Countries”, forthcoming in: Applied Economics.
- Bessler, W, T. Berglund, C. Elson, and M.S. Rapp (2017). “FMA roundtable on new developments in European corporate governance”, Journal of Applied Corporate Finance, Vol. 29(1), pp. 50–75 (moderated by Don Chew).
- Rapp, M.S. and C. Strenger (2015). “Corporate governance in Germany: Recent developments and challenges”, Journal of Applied Corporate Finance, Vol. 27(4), pp. 16–26.
- Rapp, M.S., T. Schmid, and D. Urban (2014). “The value of financial flexibility and corporate financial policy”, Journal of Corporate Finance, Vol. 29(December 2014), pp. 288–302.
- Hüttenbrink, A., J. Oehmichen, M.S. Rapp and M. Wolff (2014). “Pay-for-performance - Does one size fit all? A multi-country study of Europe and the United States”, International Business Review, Vol. 23(6), pp. 1179–1192.
- La Mura, P., M.S. Rapp, B. Schwetzler and A. Wilms (2011). “The certification hypothesis of fairness opinions for acquiring firms”, International Review of Law and Economics, Vol. 31 (4), pp. 240-248.
- Rapp, M.S., D. Schellong, M. Schmidt and M. Wolff (2011). “Considering the shareholder perspective: Value-based management systems and stock market performance”, Review of Managerial Science, Vol. 5 (2-3), Special Issue “Shareholder- versus Stakeholder-Orientation in Managerial Decision Making”, pp. 171-194.
Full list of Publications is available here.
Awards
- 2023 Impact on Management Accounting Practice Award from the Management Accounting Section of the American Accounting Association for the paper "Value-based management control systems and the dynamics of working capital: Empirical evidence", 2021.
- Best Paper Award “SIG Family Business Research” at the 17th Annual Meeting of the European Academy of Management (EURAM) for the paper "Cash Holdings, Agency Conflicts and the Performance of Listed Family Firms in Germany", 2017.
- Short-listed for Best Paper Award at the 3rd Annual Meeting of the International Corporate Governance Society (ICGS) for the paper „Superstar Directors“, 2017.
- Short-listed for the Best Paper Award at the 2016 FMA European Conference for the paper „Disentangling the Effects of State Ownership on Investment Evidence From Europe“, 2016.
- Short-listed for Best Paper Award at the 13th Annual Meeting of the European Academy of Management (EURAM) for the paper „Hard or Soft Regulation of Corporate Governance“, 2013.
- Best-Poster Award at the 37th European International Business (EIBA) Annual Conference for the paper „Diversity in the Qualification of Supervisory Board Members – An Investigation of Resource Supply, Demand, and Demand Transparency“, 2011.
- Short-listed for Best Paper Award at the 13th Annual Meeting of the European Academy of Management (EURAM) for the paper „ Are Private Equity Investors Governance Champions or Simply Stock-Picking Specialists?“, 2011.
- “Highly Commended” Award at the 7th Birmingham International Corporate Governance Conference for the paper “Stock-based Incentives: Design and Implications for Firm Performance”, 2009.
- „Best Young Researcher“ Award from Leipzig Graduate School of Management (HHL), 2006.
Curriculum Vitae
Since April 2011 Marc Steffen Rapp is Professor of Business and head of the Management Accounting Research Group (MARG) at Philipps-Universität Marburg. Joining the Marburg Center for Institutional Economics (MACIE, Germany) in 2012, he was elected to MACIE’s Scientific Board of Directors in 2016. From 2017-2019 was serving as Vice-Dean and from 2019-2020 as Dean of the School of Business and Economics.
His research interests comprise all aspects of financial and value-based management, corporate valuation and financial markets, as well as corporate governance, institutions and regulation. His research has been presented at various international conferences and subsequently published in well renowned journals, such as the Journal of Corporate Finance, the International Review of Law and Economics, the Journal of Applied Corporate Finance, the International Business Review, the Review of Managerial Science and Public Finance Analysis. He is among the top 1 percent of downloaded authors from Social Science Research Network, the leading online repository of academic working papers in the social sciences.
Prior to joining Philipps-Universität Professor Rapp was teaching and researching at the Technische Universität München (TUM) and at Leipzig Graduate School of Management (HHL) and was a visiting researcher at London Business School as well as Copenhagen Business School. He taught courses in corporate finance, management accounting, risk management, valuation, banking, international finance, financial statement analysis, entrepreneurial finance, corporate governance, as well as incentives and executive compensation in graduate and executive programs in Denmark (CBS), Germany (PUM, TUM and HHL), Singapore (GIST), and Switzerland (iimt and IFZ ).
An extensive CV is available here.